Likewise, supporting the actual session high for the USD has been the lower than expected Jobless claims that has been favoring job sustainability. An easy way for a double whammy for a USD rally has had bull traders adding increased interest in moving the USD price recovery at a pace contrary to its recent decline at the middle of the month ending the 14th of October. However, a cautious approach should always be in check as the monthly configuration on the USD could change as we move forward to the end of the month's trading.
This price recovery of the US Dollar Index (DXY) is the start of a renewed recovery for as long as momentum can be maintained: backed by an increase in volumes near the closing of the week. The 96.05 - 96.50 basis point range levels would be the first line of resistance to hurdle for as long as no major pullbacks would occur towards the end of the week's trading session.
And with that said, whenever the trade set-up plays within this conditions, and with the EURUSD failing to make a stronger come back towards its previous high nearest to 1.1515/20 levels, the probability of a near term decline called dated 9.30.2015 is in the making. As the market volatility turns direction for now closer on a weekly basis as reflected by its price action. Current low for the session is @1.1180 and hawkish market sentiments on the Euro prevails.
No comments:
Post a Comment